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Should You Rent or Buy?

April 18, 2019

The buying vs.
renting debate has been going on for some time, and the truth is — there are
pros and cons to both sides. What’s most important is that you make your decision
based on your short and long-term goals, as well as what’s right for your
finances.

The below chart
compares the positives and negatives of both buying and renting to help you
make the most informed decision.

*Depending on loan program. Down payment implies an opportunity cost, or the potential financial benefits you could have achieved through an alternative investment path.

Evaluate Your Situation

Once you’ve weighed out all the pros and cons, you should also do a cost analysis to see whether buying or renting is more affordable for you. Since this is impacted by several factors, including mortgage rates, the price of the home vs. rent prices, and how long you plan to live there, consider using a rent vs. buy calculator to help you sort through all the details.

By doing your
homework and evaluating your options, you can make the best decision based on
your situation.

Ready to start looking for a home? Contact our preferred, Sam Hoaster, today to learn more about the process and discuss your home financing options.

Elevations Credit Union and its loan officers
are not tax experts or financial advisors. You should consult a tax
professional and/or a financial advisor regarding the deductibility of interest
and charges and to devise a strategy that works best for your situation. This
is for information purposes only and is not an advertisement to extend customer
credit as defined by Section 12 CFR 1026.2 Regulation Z. Program rates, terms
and conditions are subject to change at any time.